WEBVTT
MINOR, HELD AT THE YAZOO
COUNTY DETENTION CENTER.
MEGAN: THE STATE INSTITUTIONS OF
HIGHER LEARNING HIRED
ACCOUNTANTS TO FIGURE OUT HOW
JSU LOST MILLIONS OF DOLLARS.
ITS RESERVE FUND HAD A $37
MILLION, AND NOW JUST $4
MILLION.
THAT IS 89% OF THE RESERVE FUND
GONE IN FIVE YEARS.
THE IHL BOARD HIRED ACCOUNTANTS
TO FIGURE OUT WHERE THAT MONEY
WENT.
OFFICIALS HAVE NOT GOTTEN THAT
EXPLANATION YET FROM JSU.
>> THERE IS NO DOUBT THERE WILL
HAVE TO BE SOME TIGHTENING OF
THE BELT.
THAT WAS A QUESTION WILL HAVE TO
OCCUR IMMEDIATELY.
I CAN'T COMMENT ON THE DETAILS.
AT THIS POINT IN TIME WE
CONTINUE TO WORK WITH THIS FIRM
AND WILL BE CONTINUING EVERY
WEEK TO MEET WITH THEM AND PAY
CLOSE ATTENTION TO THE DECISIONS
THAT NEED TO BE MADE FOR THE
FUTURE.
MEGAN: JSU LEADERS HAVE SEVERAL
PLANS TO PUMP MONEY BACK INTO
THEIR COFFERS, INCLUDING A

Jackson State University officials said they aim to add $10 million to the school’s cash reserves by next June.

University spokeswoman Olivia Goodheart said Thursday that JSU isn’t filling vacant jobs, is limiting travel and other purchases, and is installing energy efficient lights to cut power bills. She said the university is also setting aside revenue that’s above projections.

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The announcement came after the College Board revealed that JSU’s cash reserves dropped 89 percent in the last five years.

The Board of Trustees of State Institutions of Higher Learning hired a CPA firm to “provide accounting analytical services” for JSU.

The university’s cash reserves dropped from $37 million in 2012 to $4.2 million this fiscal year, IHL said.

“Since May 2014, the board of trustees, the commissioner of higher education and IHL staff have communicated concerns over the university’s financial position to Jackson State University personnel, including the chief financial officer and president,” said Dr. Glenn Boyce, commissioner of higher education. “The annual financial statement for FY 2016 received by IHL staff in August indicated that the situation has escalated from a concern to a level serious enough to require immediate intervention.”

Goodheart said the issue won’t affect daily university operations, including payroll and scholarships.

The university responded to the issue on Twitter Thursday afternoon.

Everyone! JSU is aware of financial issues as they currently stand. The university is not in danger of closing. Please review the following. pic.twitter.com/cK8Er9bYnc